Commodities
Gold Prices in India Remain Elevated Amid Opposing Market Influences
Gold prices in India remained elevated on September 10, with MCX gold trading at ₹1.54 lakh per 10 grams and silver hitting ₹2.50 lakh. This comes as the US labor market statistics are driving up bond rates and influencing the demand for gold.
The spot gold rate was around $4,414 an ounce, while December US gold futures settled at $4,458.80 on September 9. Silver rose 3.3% to $67.91 an ounce, according to Reuters.
Gold prices have been under the influence of two opposing factors: geopolitical tensions and high oil prices driving up demand for gold as a safe haven, while positive US labor market statistics and tight monetary policy from the Fed are increasing bond rates.